Earnings Call Summary | Ellington Residential Mortgage REIT(EARN.US) Q4 2023 Earnings Conference
Earnings Call Summary | Ellington Residential Mortgage REIT(EARN.US) Q4 2023 Earnings Conference
The following is a summary of the Ellington Residential Mortgage REIT (EARN) Q4 2023 Earnings Call Transcript:
以下是埃靈頓住宅抵押貸款房地產投資信託基金（EARN）2023年第四季度業績電話會議記錄摘要：
Financial Performance:
財務業績：
Ellington Residential reported Q4 net income of $0.75 per share and a non-annualized economic return of 7.7%.
The adjusted distributable earnings increased to $0.27 per share, which sufficiently covered the dividend.
The company observed a reduction in the debt-to-equity ratio adjusted for unsettled trades from 7.3:1 to 5.3:1, due to market fluctuations.
The net interest margin experienced a growth from 1.34% to 2.19% quarter-over-quarter, leading to an increase in Adjusted Earnings per Diluted share (ADE).
The agency NIM and credit NIM also witnessed notable increases.
The company's cash and unencumbered assets closed at an estimated $61 million for Q4.
埃靈頓住宅公佈的第四季度每股淨收益爲0.75美元，非年化經濟回報率爲7.7％。
調整後的可分配收益增至每股0.27美元，足以支付股息。
該公司觀察到，由於市場波動，經未結算交易調整後的債務與權益比率從7. 3:1 降至5. 3:1。
淨利率同比增長1.34％至2.19％，導致調整後的攤薄後每股收益（ADE）增加。
該機構NIM和信貸NIM也出現了顯著增長。
該公司的現金和未支配資產在第四季度收盤時估計爲6,100萬美元。
Business Progress:
業務進展：
The company has significantly increased its investments in corporate CLOs, expanding its CLO portfolio by $13.6 million during Q4. This shift has led to the continued growth of the company's net interest margin.
The CLO portfolio has seen an increase of an additional 70% since year-end, leading to an estimation of $30 million.
The company envisages that CLO investments will be a driving force for earnings and adjusted distributable earnings in the future.
The company managed to maintain its Agency MBS portfolio in volatile market conditions and capitalized on rate drops and spread tightening.
The strategy of the company for the future involves strengthening its CLO portfolio due to declining credit market jest and continued pull to par in seasoned CLO mezzanine tranches.
The company sees the potential for adding more leverage and has plans to attempt to further increase the Adjusted Earnings per Diluted share (ADE) with the help of CLO investments.
該公司大幅增加了對企業CLO的投資，在第四季度將其CLO投資組合擴大了1,360萬美元。這種轉變導致了公司淨利率的持續增長。
自年底以來，CLO的投資組合又增長了70％，估計爲3000萬美元。
該公司預計，CLO的投資將成爲未來收益和調整後的可分配收益的推動力。
該公司設法在動盪的市場條件下維持了其機構MBS投資組合，並利用了利率下降和利差緊縮的機會。
該公司的未來戰略包括加強其CLO投資組合，這要歸因於信貸市場笑話的減少以及經驗豐富的CLO夾層資金的持續拉動。
該公司看到了增加更多槓桿的潛力，並計劃嘗試在CLO投資的幫助下進一步增加調整後的攤薄後每股收益（ADE）。
More details: Ellington Residential Mortgage REIT IR
更多詳情： 埃靈頓住宅抵押貸款房地產投資信託基金 IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
提示：欲了解更多詳情，請訪問投資者關係網站。本文僅供投資者參考，不構成任何投資建議。
譯文內容由第三人軟體翻譯。